Costs of Production That Change with the Rate of Output

question 33

Multiple Choice

Costs of production that change with the rate of output are

• A)sunk costs.
• B)opportunity costs.
• C)fixed costs.
• D)variable costs.

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Definitions:

Frequency Distribution

A mathematical function showing the number of instances in which a variable attains each of its possible values.

Relative Frequency

The ratio of the number of times a particular value appears in a dataset to the total number of observations.

Categorical Data

Data that can be divided into groups or categories that are not numerically ordered.

Relative Data

Data that is compared to a certain reference point or to other data in order to assess its value or importance in relative terms.